The Preference of Scientists for the Theory That Makes the Fewest

question 142

Multiple Choice

The preference of scientists for the theory that makes the fewest unfamiliar or untested assumptions is known as the principle of

• A) parsimony.
• B) statistical significance.
• C) normal distribution.
• D) informed consent.

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Definitions:

Creative Destruction

A concept in economics introduced by Joseph Schumpeter, where innovation leads to old technologies or products being replaced by new and more efficient ones, driving economic growth.

Derived Demand

The demand for a resource that depends on the demand for the products it helps to produce.

Distribution Of Income

The way in which total income is shared among different individuals or groups in an economy.

Market System

Here, economic decisions about where to invest, what and how much to produce, and how to distribute goods are made based on supply and demand curves, with pricing for these goods and services being freely adjusted in a market-based pricing structure.